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Plans for a new nuclear power station in Cumbria have been scrapped

UK nuclear power station plans scrapped as Toshiba pulls out, Guardian, Adam Vaughan@adamvaughan_uk,  8 Nov 2018  Firm’s nuclear arm to wind up next year and scrap Cumbria plant leaving big hole in UK energy plans Plans for a new nuclear power station in Cumbria have been scrapped after the Japanese conglomerate Toshiba announced it was winding up the UK unit behind the project.

Toshiba said it would take a 18.8bn Japanese yen (£125m) hit from closing its NuGeneration subsidiary, which had already been cut to a skeleton staff,after it failed to find a buyer for the scheme.

The decision represents a major blow to the government’s ambitions for new nuclear and leaves a huge hole in energy policy. The plant would have provided about 7% of UK electricity.

“This is a huge disappointment and a crushing blow to hopes of a revival of the UK nuclear energy industry,” said Tim Yeo, the chair of pro-nuclear lobby group New Nuclear Watch Institute and a former Tory MP.

Greenpeace UK’s executive director, John Sauven, said: “The end of the Moorside plan represents a failure of the government’s nuclear gamble.”

After a board meeting of Toshiba on Thursday, the company said it was winding up NuGeneration because of its inability to find a buyer and the ongoing costs it was incurring. The firm has already spent more than £400m on the project.

“Toshiba recognises that the economically rational decision is to withdraw from the UK nuclear power plant construction project, and has resolved to take steps to wind-up NuGen,” the firm said in a statement………

Some industry watchers said the collapse of the scheme should be seen as an opportunity rather than a risk, for the UK to prioritise renewables instead.

Jonathan Marshall, an analyst at the ECIU thinktank, said: “Shifting away from expensive, complicated technology towards cheaper and easier to build renewables gives the UK the opportunity to build an electricity system that will keep bills for homes and businesses down for years to come.”

The government’s infrastructure advisers recently urged ministers to rethink their nuclear plans and focus on renewables instead……..https://www.theguardian.com/environment/2018/nov/08/toshiba-uk-nuclear-power-plant-project-nu-gen-cumbria

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November 10, 2018 - Posted by | business and costs, UK

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